Noble (NE) Q4 2025 earnings summary

Executive summary

• Achieved Q4 adjusted EBITDA of $232 million and free cash flow of $35 million, with full-year adjusted EBITDA at $1.11 billion, driven by strong commercial performance.

• Secured $1.3 billion in new contracts, expanding presence in key markets and raising backlog to $7.5 billion.

• Completed sale of five jackups for $360 million, with an additional $64 million sale pending, sharpening focus on high-end deepwater and CJ70 jackup markets.

• Returned $340 million to shareholders in 2025, with $0.50/share dividend declared for Q1 2026.

• Backlog growth supported by major contract wins in Norway, Nigeria, Trinidad, South America, and Southeast Asia.

Financial highlights

• Q4 2025 revenue was $764 million, with full-year 2025 revenue at $3.3 billion and adjusted EBITDA margin at 30%.

• Q4 2025 net income was $87 million (EPS $0.54); full-year net income was $217 million (EPS $1.35).

• Q4 2025 free cash flow was $35 million; full-year free cash flow was $454 million.

• Net debt at year-end was $1.5 billion; liquidity stood at $1.015 billion.

• Backlog as of February 11 stands at $7.5 billion, with 66% contract coverage for 2026 and 61% for 2027.

Outlook and guidance

• 2026 revenue guidance: $2.8–$3.0 billion; adjusted EBITDA: $940 million–$1.02 billion; CapEx: $590–$640 million.

• 2027 CapEx projected to taper to $300–$400 million (excluding remaining GreatWhite project capital).

• Run rate EBITDA of $1.3 billion and free cash flow of $600 million targeted for second half of 2027.

• 2027 backlog already exceeds 2026, indicating a tightening market and potential for earnings inflection.

• Q1 2026 adjusted EBITDA expected to be flat versus Q4 2025, with higher weighting in second half of 2026.